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  2. Gambling mathematics - Wikipedia

    en.wikipedia.org/wiki/Gambling_mathematics

    The mathematics of gambling is a collection of probability applications encountered in games of chance and can get included in game theory.From a mathematical point of view, the games of chance are experiments generating various types of aleatory events, and it is possible to calculate by using the properties of probability on a finite space of possibilities.

  3. Mathematics of bookmaking - Wikipedia

    en.wikipedia.org/wiki/Mathematics_of_bookmaking

    Decimal odds are a single value, greater than 1, representing the amount to be paid out for each unit bet. For example, a bet of £40 at 6 − 4 (fractional odds) will pay out £40 + £60 = £100. The equivalent decimal odds are 2.5; £40 × 2.5 = £100. We can convert fractional to decimal odds by the formula D = (b + a) ⁄ b.

  4. Ratio - Wikipedia

    en.wikipedia.org/wiki/Ratio

    The ratio of width to height of standard-definition television. In mathematics, a ratio (/ ˈ r eɪ ʃ (i) oʊ /) shows how many times one number contains another. For example, if there are eight oranges and six lemons in a bowl of fruit, then the ratio of oranges to lemons is eight to six (that is, 8:6, which is equivalent to the ratio 4:3).

  5. Tape diagram - Wikipedia

    en.wikipedia.org/wiki/Tape_diagram

    A tape diagram is a rectangular visual model resembling a piece of tape, that is used to assist with the calculation of ratios and addition, subtraction, and commonly multiplication. It is also known as a divided bar model, fraction strip, length model or strip diagram.

  6. Kelly criterion - Wikipedia

    en.wikipedia.org/wiki/Kelly_criterion

    Example of the optimal Kelly betting fraction, versus expected return of other fractional bets. In probability theory, the Kelly criterion (or Kelly strategy or Kelly bet) is a formula for sizing a sequence of bets by maximizing the long-term expected value of the logarithm of wealth, which is equivalent to maximizing the long-term expected geometric growth rate.

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